The Impact of Digitalization of the Economy on the Competitiveness of Business Structures

Abstract

The current stage in the development of civilization is characterized by the development and practical implementation of advanced technology, particularly innovative information technology, which affects all areas of society. Digitalization of the economy forms new competitiveness factors for business structures and calls for a comprehensive consideration of all competitiveness factors in managerial decision-making.Aim. The study aims to determine the effects of digitalization of the economy on the competitiveness of business structures and to identify additional factors that need to be taken into account during its assessment.Tasks. The authors determine the specific features of digitalization of the economy, reveal the integral factors of the competitiveness of business structures, and identify the specifics of consideration of competitiveness factors in the context of digitalization of the economy.Methods. The study is based on the dialectical systems approach as well as logical and factorial analysis using the theoretical framework of analysis of economic processes. The analysis is based on the international scientometric database Scopus and the bibliographic database of the Russian Science Citation Index (RSCI).Results. The authors substantiate the need to make allowance for additional specific factors of competitiveness of business structures under modern conditions, particularly in the assessment of the competitiveness of business structures, financial factors, and the level of human capital development in addition to the factors of operating efficiency, strategic positioning, and innovation potential.Conclusions. During the assessment of competitiveness of business structures, particularly in the context of digitalization, it is advisable to make allowance for return on assets, indicators of innovation potential, integrated human capital development index, and integrated indices of financial sustainability, variability and at the same time stability of the financial state of a business structure.